OCBC to house up to 4,000 employees in Punggol Digital District as part of $500m investment

The hub, named OCBC Punggol, is slated for completion in the first quarter of 2027. SINGAPORE - OCBC Bank is developing a new innovation hub in the Punggol Digital District (PDD) as part of a $500 million investment. The hub, named OCBC Punggol, is slated for completion in the first quarter of 2027, and will house up to 4,000 of the bank’s employees mostly from its technology teams, OCBC said in a statement on Sept 18.

It will occupy eight floors of a 12-storey integrated complex that will also house a 200-room hotel and retail spaces, and will be directly linked to the nearby Singapore Institute of Technology (SIT). The investment will also see the bank partnering with SIT to establish an Analytics and Innovation Lab, driving fintech innovation and developing future talent. When completed, OCBC Punggol will be the largest OCBC office premises outside the Central Business District and the second largest after the bank’s head office in Chulia Street, said OCBC group chief executive Helen Wong at the unveiling of OCBC Punggol on Sept 18.



“JTC’s vision for PDD – to nurture an ecosystem that fosters collaborative partnerships and innovation – resonates with us most,” she added. Located at 98 Punggol Way, OCBC Punggol will be directly connected to SIT’s Chua Thian Poh Discovery Hub via a red link bridge. It will also be linked to the varsity via a large canopy along the Campus Boulevard, an 800m-long walkway connecting the whole district.

The new facility, which will be linked to the upcoming Punggol Coast MRT station, spans about 430,000 sq ft, or around the size of seven football fields. The 4,000 or so employees who will be based there will focus on emerging technologies such as quantum computing, said OCBC. The innovation hub will be infused with high-tech features powered by audio-visual technology, biometric access, mobile applications and other advanced workspace tools.

The building will also be energy-efficient and tap renewable energy sources. Central to OCBC Punggol is its strategic partnership with SIT. As part of the partnership, the Analytics and Innovation Lab at SIT will offer hands-on learning opportunities for students in financial analysis and fintech applications.

It will serve as a hub for developing fintech innovations and artificial intelligence-driven applications, allowing students to apply their theoretical knowledge to real-world challenges. Educational outreach, such as workshops on financial literacy, financial planning and retirement planning, will be done at the lab as part of OCBC and SIT’s engagement with Punggol residents and community development efforts. OCBC will also offer five bond-free scholarships yearly to SIT undergraduates, each valued at $11,000, along with internships at the bank.

Professor Chua Kee Chaing, president of SIT, said: “OCBC’s endowed donation to SIT will go towards the provision of authentic, real-world experiences for our students to thrive in the dynamic financial industry and nurture a stream of ready talent pool to drive Singapore’s economy.” Under the tie-up, SIT will also work to make available some of its facilities, such as multi-purpose sports halls, for OCBC’s corporate activities when the bank’s innovation hub is completed in 2027. The development of OCBC Punggol builds on the bank’s ongoing seven-year “digital core road map”, aimed at modernising its technological architecture.

The first phase from 2019 to 2022 saw an investment of more than $250 million to upgrade key systems, enabling faster roll-outs of digital features and improving personalisation through machine learning and AI. From 2023 to 2025, OCBC will invest another $300 million, focusing on customer-led design and innovation. The SIT campus in Punggol will open progressively from September.

Some 8,900 students are expected to use the campus, with the move expected to be completed in 2025. Home-grown bank UOB is investing $500 million to build a 300,000 sq ft centre in the Punggol Digital District to house around 3,000 staff in technology, innovation and digital roles. The facility is due to be completed in 2026.

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